Forex reserves fall by $17.11 bln in Nov

Bangladesh`s foreign exchange reserves declined by $17.11 billion at the end of November to $17.35 billion in October, official data showed.

Reserves turn down in November due to bi-monthly import payments to the Asian Clearing Union totaling about $800 million, the central bank said on Sunday. According to data, the country’s exports in the period from July to October increased 16.5 percent on the year to $9.75 billion, rose by clothing sales, as the low-cost country retains its allure for cost-crunching global retailers. Economic growth is expected to slow to less than 6 percent in the year to June 2014 from 6 percent the previous year for political instability ahead of elections scheduled for January 5.